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Last Updated: April 2, 2026, 4:37 am
Author: Getaka|Social: XLinkedIn
Stock Ticker - BSE: 500033 | NSE: FORCEMOT

Force Motors Ltd: Intrinsic Value & Share Price Analysis

Fair Value

₹12,643.50Overvalued by 39.02%vs CMP ₹20,733.00

P/E (28.5) × ROE (20.8%) × BV (₹2,661.00) × DY (0.19%)

₹19,735.90Fairly Valued by 4.81%vs CMP ₹20,733.00
MoS: -5.1% (Negative)Confidence: 54/100 (Moderate)Models: 2 Under, 6 Over
ModelCategoryValueWeightSignal
PE-ROEEarnings₹46,903.1126%Under (+126.2%)
Graham NumberEarnings₹7,883.7216%Over (-62%)
Earnings PowerEarnings₹2,621.5413%Over (-87.4%)
DCFCash Flow₹25,472.5913%Under (+22.9%)
Net Asset ValueAssets₹2,660.888%Over (-87.2%)
EV/EBITDAEnterprise₹12,559.1110%Over (-39.4%)
Earnings YieldEarnings₹10,380.908%Over (-49.9%)
Revenue MultipleRevenue₹6,126.256%Over (-70.5%)
Consensus (8 models)₹19,735.90100%Fairly Valued
Key Drivers: EPS CAGR 271.0% lifts DCF — verify sustainability. | Wide model spread (₹2,622–₹46,903) — high uncertainty.

PE-ROE · Graham · EPV · DCF · NAV · EV/EBITDA · DDM · Earnings Yield · ROCE Capital · Revenue Multiple | CoE: 12% · Terminal: 4% · EPS CAGR: 271.0%

*Investments are subject to market risks

Investment Snapshot

77
Force Motors Ltd scores 77/100 (Strong)
Based on 5 dimensions: health, institutional flow, earnings quality, momentum, and peer comparison
Stock Health80/100 · Strong
ROCE 30.0% ExcellentROE 20.8% ExcellentD/E 0.28 Low debtInterest Coverage 0.0x RiskyProfitable 3/5 years Mixed
Smart Money70/100 · Strong
FII holding up 2.10% (6mo) AccumulatingPromoter holding at 61.6% Stable
Earnings Quality65/100 · Strong
OPM expanding (4% → 14%) Improving
Quarterly Momentum90/100 · Strong
Revenue (4Q): +15% YoY GrowingProfit (4Q): +170% YoY StrongOPM: 18.0% (up 6.0% YoY) Margin expansion
Industry Rank75/100 · Strong
P/E 28.5 vs industry 31.0 In-lineROCE 30.0% vs industry 22.4% Above peers3Y sales CAGR: 36% High growth

Weights: Health 30% · Earnings Quality 25% · Momentum 20% · Industry Rank 15% · Smart Money 10%. Scores are computed from reported financials and recalculated daily. Not investment advice.

Force Motors Ltd Investor Signals

Computed from valuation, cash flow, balance sheet, ownership and quarterly trend data already available in this stock page.

Value Trap Score
0/100
Low
Derived from: Cheapness + weak quality + weak cash support
Current data: P/E 28.5 vs Ind 31.0 | ROCE 30.0% | ROE 20.8% | CFO/NP N/A
Balance Sheet Stress
0/100
Comfortable
Derived from: Leverage + debt servicing + liquidity + debt trend
Current data: D/E 0.28x | IntCov 0.0x | Current 1.01x | Borrow/Reserve 0.00x
Cash Flow Reliability
14/100
Weak
Derived from: Cash backing of earnings + working capital pressure
Current data: CFO ₹0 Cr | NP ₹801 Cr | CFO/NP N/A
Ownership Accumulation
+50
Accumulation
Derived from: FII + DII + promoter direction, adjusted by crowding
Current data: FII +0.19 pp | DII +0.32 pp | Prom 0.00 pp
Business Momentum
+25
Stable
Derived from: Latest quarter sales + profit + OPM change
Current data: Q Sales +2.3% | Q NP +15.7% | Q OPM +1.0 pp
Derived FieldValueHow it is derived
Valuation Gap %-4.8%((Fair Value - CMP) / CMP) × 100
Borrowings / Reserves0.00xLatest borrowings divided by latest reserves
CFO / Net ProfitN/ALatest operating cash flow divided by latest net profit
FII Change+0.19 ppLatest FII% minus previous FII%
DII Change+0.32 ppLatest DII% minus previous DII%
Promoter Change0.00 ppLatest promoter% minus previous promoter%
Shareholder Count Change-464Latest shareholder count minus previous count
Quarterly Sales Change+2.3%Latest quarter sales vs previous quarter sales
Quarterly Profit Change+15.7%Latest quarter net profit vs previous quarter net profit
Quarterly OPM Change+1.0 ppLatest quarter OPM minus previous quarter OPM

Share Price and Basic Stock Data

Last Updated: April 2, 2026, 4:37 am

Market Cap 27,318 Cr.
Current Price 20,733
Intrinsic Value₹19,735.90
High / Low 26,486/7,860
Stock P/E28.5
Book Value 2,661
Dividend Yield0.19 %
ROCE30.0 %
ROE20.8 %
Face Value 10.0
PEG Ratio0.11

Stock P/E, Current Price, and Intrinsic Value Over Time

View Share Price Target for Force Motors Ltd

Competitors

Stock Name ⇩Market Cap ⇩Current Price ⇩High / Low ⇩Stock P/E ⇩Book Value ⇩Dividend Yield ⇩ROCE ⇩ROE ⇩Face Value ⇩
Force Motors Ltd 27,318 Cr. 20,733 26,486/7,86028.5 2,6610.19 %30.0 %20.8 % 10.0
Olectra Greentech Ltd 8,420 Cr. 1,026 1,714/86758.9 1370.04 %20.5 %14.3 % 4.00
SML Mahindra Ltd (SML ISUZU Ltd) 5,744 Cr. 3,970 5,348/1,44236.2 3070.45 %27.1 %36.4 % 10.0
Ashok Leyland Ltd 87,585 Cr. 149 215/95.224.3 21.42.10 %14.3 %28.8 % 1.00
Tata Motors Ltd 1,47,974 Cr. 402 538/3246.84 3161.49 %20.0 %28.1 % 2.00
Industry Average55,408.20 Cr5,256.0030.95688.480.85%22.38%25.68%5.40

All Competitor Stocks of Force Motors Ltd

Quarterly Result

MetricDec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Sales 1,3041,4901,4881,8021,6922,0111,8851,9411,8892,3562,2972,0812,129
Expenses 1,2501,3721,3101,5811,4771,7331,6401,6641,6582,0271,9741,7191,755
Operating Profit 54118177221215279245277232329323363374
OPM % 4%8%12%12%13%14%13%14%12%14%14%17%18%
Other Income 5246119418159204182526241
Interest 1718181614149547000
Depreciation 60636367686869697172707173
Profit before tax -18284107147137214182211177668278317543
Tax % -14%48%36%36%37%35%36%36%35%35%36%-11%25%
Net Profit -16147699485140116135115435176351406
EPS in Rs -11.83111.2552.0671.2464.81106.4587.81102.4787.51329.92133.82266.14308.21

Last Updated: March 3, 2026, 9:50 am

Quarterly Chart

Profit & Loss - Annual Report

Last Updated: February 27, 2026, 5:16 am

MetricMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025TTM
Sales 2,0222,3643,0253,0693,4233,6523,0811,9883,2405,0296,9928,0728,863
Expenses 1,9252,2172,7512,8013,1553,3782,8201,9643,1904,7166,0966,9737,474
Operating Profit 9714727426826827526124503138971,0991,389
OPM % 5%6%9%9%8%8%8%1%2%6%13%14%16%
Other Income 606671866982325226837446710
Interest 97567152828416862268
Depreciation 858192113129151195174191241267280286
Profit before tax 6312524923520119042-176-1302726051,2381,805
Tax % -24%19%28%23%27%25%-20%-30%-30%51%36%35%
Net Profit 7810217918014714350-124-911343888011,368
EPS in Rs 59.0877.06135.77136.68111.66108.7838.08-93.83-69.12101.42294.54607.711,038.09
Dividend Payout % 5%6%7%7%9%9%26%-5%-14%10%7%7%

Profit & Loss Yearly Chart

YoY Net Profit Growth

Year2014-20152015-20162016-20172017-20182018-20192019-20202020-20212021-20222022-20232023-20242024-2025
YoY Net Profit Growth (%)30.77%75.49%0.56%-18.33%-2.72%-65.03%-348.00%26.61%247.25%189.55%106.44%
Change in YoY Net Profit Growth (%)0.00%44.72%-74.93%-18.89%15.61%-62.31%-282.97%374.61%220.64%-57.70%-83.11%

Force Motors Ltd has shown an inconsistent trend in YoY Net Profit Growth (%) in the last 11 years from 2014-2015 to 2024-2025.

Growth

Compounded Sales Growth
10 Years:13%
5 Years:21%
3 Years:36%
TTM:15%
Compounded Profit Growth
10 Years:18%
5 Years:47%
3 Years:100%
TTM:39%
Stock Price CAGR
10 Years:24%
5 Years:74%
3 Years:138%
1 Year:126%
Return on Equity
10 Years:8%
5 Years:8%
3 Years:15%
Last Year:21%

Last Updated: September 5, 2025, 3:30 pm

Balance Sheet

Last Updated: February 1, 2026, 2:48 am

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025Sep 2025
Equity Capital 13131313131313131313131313
Reserves 1,2151,3061,4761,6541,7881,9201,9521,8251,7351,8622,2423,0203,493
Borrowings 20111419902863106421,069955524170
Other Liabilities 5276458017387226178237578441,1841,6352,0831,836
Total Liabilities 1,7751,9752,3052,6042,5232,8363,0983,2383,6614,0134,4155,1345,342
Fixed Assets 6436387869119481,2161,4001,2242,0332,0942,0311,9692,115
CWIP 206240205220369372445725302154171287190
Investments 00149102378100111979110395
Other Assets 9251,0971,3001,4631,1961,2251,1751,1891,2151,6682,1212,7752,941
Total Assets 1,7751,9752,3052,6042,5232,8363,0983,2383,6614,0134,4155,1345,342

Reserves and Borrowings Chart

Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Cash from Operating Activity + 1162262564712563144097185321,014971
Cash from Investing Activity + -100-96-210-621-81-606-327-333-356-256-198-351
Cash from Financing Activity + -30-45-37180-223256-20293375-207-509-562
Net Cash Flow -1485930-47-3562-32376830858
Free Cash Flow 210919236-62-183-49-445-315274810606
CFO/OP 122%176%107%198%106%131%163%41%32%171%130%108%

Free Cash Flow

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Free Cash Flow77.00136.00260.0069.00268.00-11.00-49.00-618.0049.00-642.00373.00-16.00

Free Cash Flow = Income Generated from Operational Activities - Borrowings - Capital Work in Progress (CWIP)

Consistent positive free cash flow is crucial for businesses as it indicates their ability to generate cash from their core operations. It provides financial flexibility, allowing companies to invest in growth opportunities, pay dividends to shareholders, reduce debt, and weather economic downturns more effectively.

Free Cash Flow Chart

Financial Efficiency Indicators

MonthMar 2014Mar 2015Mar 2016Mar 2017Mar 2018Mar 2019Mar 2020Mar 2021Mar 2022Mar 2023Mar 2024Mar 2025
Debtor Days 2417181426172023211458
Inventory Days 9787927368669113689778373
Days Payable 7787708081529510872696148
Cash Conversion Cycle 44174061331155238222732
Working Capital Days 2415233043436-5-37-6-216
ROCE %6%10%18%14%11%10%5%-5%-3%5%24%30%

Financial Efficiency Indicators Chart

Share Holding Pattern

MonthMar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024Mar 2025Jun 2025Sep 2025Dec 2025
Promoters 61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%61.63%
FIIs 2.72%4.11%4.94%4.91%6.34%7.78%7.89%8.15%8.36%9.77%10.27%10.46%
DIIs 2.32%1.48%1.59%1.20%0.86%1.02%0.92%0.90%1.43%1.66%1.48%1.80%
Public 33.33%32.77%31.86%32.27%31.16%29.57%29.56%29.30%28.58%26.94%26.63%26.12%
No. of Shareholders 53,95850,22148,08647,55647,74251,90956,04459,20756,16459,41972,33471,870

Shareholding Pattern Chart

No. of Shareholders

Force Motors Ltd: Intrinsic Value & Share Price Analysis - Shareholder trend analysis

Mutual Fund Holdings

Fund NameNo of SharesAUM (%)Amount Invested (Cr)Previous Number of SharesPrevious DatePercentage Change
Sundaram Flexicap Fund 21,000 2.48 51.12N/AN/AN/A
Sundaram Value Fund 19,735 3.45 48.04N/AN/AN/A
Sundaram ELSS Tax Saver Fund 14,000 2.53 34.0839,0002025-10-30 05:55:10-64.1%
WhiteOak Capital Flexi Cap Fund 12,140 0.41 29.5511,0752026-02-23 00:03:269.62%
Taurus Flexi Cap Fund 1,400 0.98 3.419002026-03-11 02:58:5555.56%
Shriram Flexi Cap Fund 430 0.8 1.05N/AN/AN/A
Shriram ELSS Tax Saver Fund 150 0.77 0.37N/AN/AN/A

ROCE Trend

EPS Trend

Key Financial Ratios

MonthMar 25Mar 24Mar 23Mar 22Mar 21
FaceValue 10.0010.0010.0010.0010.00
Basic EPS (Rs.) 607.71294.54101.43-69.13-93.83
Diluted EPS (Rs.) 607.71294.54101.43-69.13-93.83
Cash EPS (Rs.) 819.86507.43298.2488.4847.10
Book Value[Excl.RevalReserv]/Share (Rs.) 2301.541712.711424.221327.661395.85
Book Value[Incl.RevalReserv]/Share (Rs.) 2301.541712.711424.221327.661395.85
Revenue From Operations / Share (Rs.) 6124.235305.113815.612458.591508.49
PBDIT / Share (Rs.) 871.99719.11297.3090.3028.82
PBIT / Share (Rs.) 659.36516.72114.64-54.58-102.94
PBT / Share (Rs.) 939.10469.57220.80-85.71-124.36
Net Profit / Share (Rs.) 607.24305.04115.58-56.39-84.67
NP After MI And SOA / Share (Rs.) 607.54294.45101.40-69.10-93.80
PBDIT Margin (%) 14.2313.557.793.671.91
PBIT Margin (%) 10.769.743.00-2.21-6.82
PBT Margin (%) 15.338.855.78-3.48-8.24
Net Profit Margin (%) 9.915.743.02-2.29-5.61
NP After MI And SOA Margin (%) 9.925.552.65-2.81-6.21
Return on Networth / Equity (%) 26.3917.207.12-5.21-6.72
Return on Capital Employeed (%) 25.4924.506.03-3.02-5.73
Return On Assets (%) 15.598.793.32-2.48-3.81
Long Term Debt / Equity (X) 0.000.160.310.340.26
Total Debt / Equity (X) 0.010.230.500.610.28
Asset Turnover Ratio (%) 1.691.661.300.930.62
Current Ratio (X) 1.501.251.040.801.01
Quick Ratio (X) 0.800.530.480.300.37
Inventory Turnover Ratio (X) 6.885.265.374.322.74
Dividend Payout Ratio (NP) (%) 3.293.399.86-7.23-10.66
Dividend Payout Ratio (CP) (%) 2.432.013.526.5926.33
Earning Retention Ratio (%) 96.7196.6190.14107.23110.66
Cash Earning Retention Ratio (%) 97.5797.9996.4893.4173.67
Interest Coverage Ratio (X) 44.4315.255.732.901.35
Interest Coverage Ratio (Post Tax) (X) 16.687.470.18-0.81-2.95
Enterprise Value (Cr.) 11434.789625.282352.962346.332030.17
EV / Net Operating Revenue (X) 1.421.380.460.721.02
EV / EBITDA (X) 9.9510.166.0019.7253.44
MarketCap / Net Operating Revenue (X) 1.481.370.300.410.77
Retention Ratios (%) 96.7096.6090.13107.23110.66
Price / BV (X) 3.934.230.810.770.83
Price / Net Operating Revenue (X) 1.481.370.300.410.77
EarningsYield 0.060.040.08-0.06-0.08

Profitability Ratios (%)

Liquidity Ratios

Liquidity Ratios (%)

Interest Coverage Ratios (%)

Valuation Ratios

About the Company - Qualitative Analysis

Force Motors Ltd. is a Public Limited Listed company incorporated on 08/09/1958 and has its registered office in the State of Maharashtra, India. Company's Corporate Identification Number(CIN) is L34102PN1958PLC011172 and registration number is 011172. Currently Company is involved in the business activities of Manufacture of commercial vehicles such as vans, lorries, over-the-road tractors for semi-trailers etc.. Company's Total Operating Revenue is Rs. 8071.23 Cr. and Equity Capital is Rs. 13.18 Cr. for the Year ended 31/03/2025.
INDUSTRYADDRESSCONTACT
Auto - LCVs/HCVsMumbai-Pune Road, Akurdi, Pune Maharashtra 411035Contact not found
Management
NamePosition Held
Mr. Abhaykumar Navalmal FirodiaChairman
Mr. Prasan Abhaykumar FirodiaManaging Director
Mr. Prashant V InamdarExecutive Director - Operations
Ms. Sonia PrasharIndependent Director
Mr. Vallabh Roopchand BhanshaliIndependent Director
Mr. Mukesh Mangalbhai PatelIndependent Director

FAQ

What is the intrinsic value of Force Motors Ltd and is it undervalued?

As of 07 April 2026, Force Motors Ltd's intrinsic value is ₹19735.90, which is 4.81% lower than the current market price of ₹20,733.00, suggesting the stock is overvalued. This is calculated using the PE ratio method factoring in ROE (20.8 %), book value (₹2,661), dividend yield (0.19 %), and 5-year EPS CAGR.

What is the current share price and 52-week range of Force Motors Ltd?

Force Motors Ltd is trading at ₹20,733.00 as of 07 April 2026, with a FY2026-2027 high of ₹26,486 and low of ₹7,860. The stock is currently in the middle of its 52-week range. Market cap stands at ₹27,318 Cr..

How does Force Motors Ltd's P/E ratio compare to its industry?

Force Motors Ltd has a P/E ratio of 28.5, which is below the industry average of 30.95. This is broadly in line with or below the industry average.

Is Force Motors Ltd financially healthy?

Key indicators for Force Motors Ltd: ROCE of 30.0 % indicates efficient capital utilization; ROE of 20.8 % shows strong shareholder returns. Dividend yield is 0.19 %.

Is Force Motors Ltd profitable and how is the profit trend?

Force Motors Ltd reported a net profit of ₹801 Cr in Mar 2025 on revenue of ₹8,072 Cr. Compared to ₹-91 Cr in Mar 2022, the net profit shows an improving trend.

Does Force Motors Ltd pay dividends?

Force Motors Ltd has a dividend yield of 0.19 % at the current price of ₹20,733.00. The company pays dividends, though the yield is modest.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The author is not a SEBI registered financial advisor and does not have any vested interest in Force Motors Ltd. Investors are advised to conduct their own due diligence and consult with a financial professional before making any investment decisions. The information provided in this article is based on publicly available data and the author's analysis, but it may not be comprehensive or up-to-date. The author and getaka.co.in are not responsible for any errors or omissions in the content. This article is not intended to promote any particular investment strategy or recommendation, and readers should consult with their own financial advisors before making any investment decisions. Data Source: NSE
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